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Last I checked, billionaires need multi-million dollar tax write offs.
Straight from the last 10Q:
8. CONVERTIBLE DEBT
On April 28, 2017, the Company entered into a Note Purchase Agreement with Santiago Business Co. International Ltd, (“ Santiago ”), regarding its 10% Senior Secured Convertible Note due April 28, 2018, in an aggregate principal amount of $6,200,000 (the “ Note ”) and Santiago transferred to the Company certain shares of capital stock of a subsidiary of Santiago, Bluebell Business Limited, a company limited by shares organized and existing under the laws of the British Virgin Islands (“ Bluebell ”). Interest payments on the Note are due quarterly until repayment of the principal amount, which is due April 28, 2018. The Note is convertible by the holder into 77,500,000 shares of common stock of the Company (conversion price of $0.08 per share). If the Note is fully converted by the holder, the holder would receive shares representing 82.3% of the Company’s share capital outstanding as of September 30, 2017 (taking into account the shares issued upon conversion of the Note).
Sounds to me like they "convert" and were not "Purchased at .08" !!!
I don’t see much of anything going on with this ticker. Just slow bleed until the 77.5 million share conversion at .08 in a week or so massacre.
And just like that we have a bid again!
Good morning FNRC. More 2's going to fall today. Once this gets current we fly.
And it's going right back to where it was when he got involved. If not lower. 77.5 million shares about to be converted @ .08. No new contracts, lost their biggest contract because of non-payment by client. Revs down 40%. Most employees let go.
Lol
Only the connected whales got those 1's. And there's a reason they wanted them.
Wow, not one person willing to buy this stock anywhere in the world. Guess they all waiting for the 77.5 million shares At .08 cents in a couple weeks. So sad for anyone holding this. No way to get out.
mm's playing games to let someone load up. Gonna fly sooner than later. Have seen this game before on other .0001 stocks.
Don't worry it will pick up dramatically in a couple weeks with the extra 77.5 million shares at .08 flooding the market. Soooo sad.
Good morning FNRC. Looking for more 2's getting taken out today. Bid continues to grow.
I believe you are talking to basher number 2. Look at his born date. He/She knows how trading goes. Also we have a new moderator and posts are starting to be deleted. We are golden here for sure. They don't bash and delete just for fun.
I think you will be sleeping good by next week.
I'm only looking to financials to get stop sign removed. Revs are going to come from the JV. Also hoping to see some reduction in notes.
FNRC looking to be the next runner! Lot's of chatter on this, and has been on BOB for a week now.
1st NRG Corp. Announces Joint Venture and provides Q4 2017 Corporate Update
Denver, Colorado, Dec. 12, 2017 (GLOBE NEWSWIRE) -- 1st NRG Corp. (OTCBB: FNRC.PK), an exploration and production company headquartered in Denver, Colorado, has issued its Q4 corporate update to shareholders on the Company’s progress.
The Company is pleased to announce that it has agreed to participate in a new joint venture to be owned 20% by the Company and 80% by others. The joint venture partners combine resources and talent with the Company in identifying and acquiring CBM assets we believe will be beneficial to all. 1st NRG will make available to the joint venture a Letter of Intent executed by the Company in October 2017 to buy 422 CBM wells containing an estimated 45 BCF of natural gas reserves as estimated by an independent third party engineering firm. We will also contribute verbal agreements to buy the balance of the working interest at Clabaugh Ranch which we estimate would add 11 BCF of natural gas reserves.
The joint venture already has the following acquisitions under contract:
Approximately 60,000 acres containing approximately 600 wells to be returned to production. After closing, work will begin to increase production from existing wells to an estimated 20 MMCF/D. The anticipated work program will take 12 months and will be a combination of turning on inactive wells and targeting strategic workovers coupled with related cost optimization. Reserves are estimated at 43 BCF of developed 3P natural gas reserves per a third party engineering report.
Approximately 400 shallow CBM wells on 92,000 net acres currently producing 22.5 MMCFD with gross income of approximately $1.8M per month and net revenues from operations of approximately 400-500k per month. The wells contain an estimated 98 BCF of 3P reserves natural gas reserves per a third party engineering report and the acquisitions include mid-stream assets consisting of 72 miles of pipeline capable of 125 MMCFD of throughput capacity.
The joint venture has non-dilutive funding committed to the projects, and formal documentation of the joint venture is being finalized.
We are also finishing Q3 2017 reporting for the OTC Markets.
About 1st NRG Corp.
Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells, 3,059 undeveloped acres and an estimated 18.5 Bcf net to our interest. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
Contact:
Brad Holmes
Energy IR: b_holmes@att.net
(713) 304-6962
FNRC going to have a big day today.
Agreed, some large blocks of 2’s will be falling today.
1st NRG Corp. Announces Joint Venture and provides Q4 2017 Corporate Update
Denver, Colorado, Dec. 12, 2017 (GLOBE NEWSWIRE) -- 1st NRG Corp. (OTCBB: FNRC.PK), an exploration and production company headquartered in Denver, Colorado, has issued its Q4 corporate update to shareholders on the Company’s progress.
The Company is pleased to announce that it has agreed to participate in a new joint venture to be owned 20% by the Company and 80% by others. The joint venture partners combine resources and talent with the Company in identifying and acquiring CBM assets we believe will be beneficial to all. 1st NRG will make available to the joint venture a Letter of Intent executed by the Company in October 2017 to buy 422 CBM wells containing an estimated 45 BCF of natural gas reserves as estimated by an independent third party engineering firm. We will also contribute verbal agreements to buy the balance of the working interest at Clabaugh Ranch which we estimate would add 11 BCF of natural gas reserves.
The joint venture already has the following acquisitions under contract:
Approximately 60,000 acres containing approximately 600 wells to be returned to production. After closing, work will begin to increase production from existing wells to an estimated 20 MMCF/D. The anticipated work program will take 12 months and will be a combination of turning on inactive wells and targeting strategic workovers coupled with related cost optimization. Reserves are estimated at 43 BCF of developed 3P natural gas reserves per a third party engineering report.
Approximately 400 shallow CBM wells on 92,000 net acres currently producing 22.5 MMCFD with gross income of approximately $1.8M per month and net revenues from operations of approximately 400-500k per month. The wells contain an estimated 98 BCF of 3P reserves natural gas reserves per a third party engineering report and the acquisitions include mid-stream assets consisting of 72 miles of pipeline capable of 125 MMCFD of throughput capacity.
The joint venture has non-dilutive funding committed to the projects, and formal documentation of the joint venture is being finalized.
We are also finishing Q3 2017 reporting for the OTC Markets.
About 1st NRG Corp.
Our activity has been centered upon the development of coal bed methane reserves in Wyoming where through our wholly owned subsidiary, 1st NRG Wyoming, we operate and hold a working interest in 43 producing wells, 3,059 undeveloped acres and an estimated 18.5 Bcf net to our interest. The undeveloped acreage could be permitted for up to 36 additional locations which are characterized by what we believe to be low geologic risk, a repeatable development opportunity and are offsetting wells which all demonstrated developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations.
Contact:
Brad Holmes
Energy IR: b_holmes@att.net
(713) 304-6962
Twitter link : http://twitter.com/1stnrgcorp
Good morning fnrc. I have a feeling the 2’s will be gone today.
I think we eat through 2’s tomorrow. Real strong day today.
Easy 10-20 bagger here. Look at the size of that bid! Watt do you think?
Agreed, a day or so and we are in the 3’s.
Yes, looking really good here. Nice volume picking up.
Company is being very responsive to inquiries. That is a great sign, considering it was dark for so long. Believe we are sitting on a goldmine.
Agree, blocks of 2’s will fall real quick. 3’s here in no time. Bid is a monster here.
Yes, I would definitely say it’s time for a run.
Looks like the word is getting out. Huge week on the way for fnrc. Up to No.3 on BOB
Up to No.3 on BOB! Great week ahead.
Agreed, large blocks of 2's going to go this morning. People know what's coming.
FNRC going to be a high flyer this week. Up to 4 on BOB. Few more posts and we will be 1
I think we will keep climbing. Agree big things happening here.
This week is the beginning of BIG things here at FNRC.
I like the sound of that tweet. We are about to be off to the races.
You got that right. JV is about to get rolling here, and so is FNRC.
2's will be a thing of the past in short order here.
Right you are Dave. We have been called up to the Big Leagues.
Tie that with the tweet today about the funding for JV and we have a huge run starting this week.
With news about the JV and fins this week, we are going to run bigly!!